This is amazing news because the carbon market -- a concept beloved by both banks and environmentalists -- is still nascent.

No, we don't yet know how this is going to play out but really the fact that a market that's barely gotten off the ground is already drawing suspicious of tax evasion is very damning, and suggests that banks can't be trusted if the market ever gets huge.

Stepping back, because European carbon market rules were badly constructed, plenty of companies -- not just banks -- are already making a fortune -- merely by virtue of the fact that slow business has meant they've easily come under their goals.